Cells at Delhi, Mumbai for black money declarations

The income tax department has planned to set up two cells in Delhi and Mumbai to process declarations under the compliance window provided by the new black money law.

The government, keen to prevent harassment, has laid down a separate mechanism to receive the declarations. The cells will be manned by hand-picked senior income-tax officials and will have a direct interface with the Central Board of Direct Taxes (CBDT) in order to ensure focused, effective and non-intrusive processing of information.

The Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Bill, 2015, passed by both the Houses of Parliament, requiring all resident Indians to declare foreign assets and income provides a compliance window for all those who have undeclared foreign assets or income to come clean, after paying 30% tax and 30% penalty.

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